- Some loan officers are compensated hourly
- When they just work at big banks that are retail
- But numerous are compensated commission-only
- Which you yourself can breakdown into hourly wages at year-end
As noted, MLOs are usually maybe maybe perhaps not compensated hourly, and tend to be rather compensated payment when it comes to loans they generate and fund.
This implies total payment can vary somewhat in line with the product product sales performance regarding the loan officer at issue. It is dependent on just how much that loan officer makes per loan.
In the event that LO works well with a tiny store and has hardly any help, they could make a home loan point or two per loan. By that, after all 1-2% for the loan quantity, which might or may possibly not be split making use of their broker or home loan company. Continue reading